**El Salvador’s Bitcoin Journey Continues: 6 New BTC Added to Reserves Amid IMF Discussions**
El Salvador has recently added 6 Bitcoin to its reserves, bringing the total to 6,106 BTC, despite existing restrictions from the International Monetary Fund (IMF) on state cryptocurrency purchases. A report from the Bitcoin Office shared on the social media platform X confirmed this latest addition, which continues a trend of regular acquisitions. This comes in the wake of a 2023 agreement with the IMF that called for a halt to such purchases. Notably, this addition follows the purchase of 1 BTC earlier today: https://t.co/vcy23KcrbX — The Bitcoin Office (@bitcoinofficesv) March 10, 2025.
The IMF has reiterated its ongoing dialogue with Salvadoran officials to ensure compliance with the economic program. Julie Kozack, the spokesperson for the IMF, noted that the government had committed to refraining from further accumulation of Bitcoin by public entities. “Authorities confirmed these purchases align with agreed terms,” Kozack stated during a recent press briefing. However, she did not elaborate on how these recent transactions fit within the framework of limiting state holdings.
Kozack emphasized that the program aims to mitigate risks associated with the Bitcoin initiative to safeguard consumers and investors while also limiting potential fiscal costs. Recent legal reforms have made the acceptance of BTC voluntary and ensured that taxes can only be paid in U.S. dollars, she added.
President Nayib Bukele has been a vocal supporter of the ongoing Bitcoin strategy. He has previously asserted that his administration “will not yield to external pressures,” referencing the international criticism that followed El Salvador’s decision to adopt Bitcoin as legal tender in 2021. This position, however, appears to conflict with the written agreement his government signed with the IMF, which explicitly calls for a suspension of cryptocurrency purchases.
The discrepancy between the government’s actions and the IMF agreement has raised eyebrows. John Dennehy, founder of the Mi Primer Bitcoin project, has proposed two theories to explain the situation. The first suggests that the government might be transferring Bitcoin between state accounts, creating the illusion of new purchases without actually increasing total reserves. The second theory posits that private entities, such as the company Tether, could be donating Bitcoin to state reserves, thereby circumventing the IMF agreement.
Without further technical details from officials, these speculations remain unresolved. Local sources indicate that announcements of ongoing purchases will continue to bolster the image of commitment to Bitcoin. However, the lack of transparency has led to skepticism among some cryptocurrency advocates, who are questioning the government’s consistency in its approach.
In summary, as El Salvador navigates its unique path in the world of cryptocurrency, the ongoing discussions with the IMF and the government’s actions will be closely watched by both supporters and critics alike. The post President Nayib Bukele Reaffirms Commitment To Bitcoin Adoption, Framing It As A Step Toward Decentralized Financial Sovereignty For The Nation appeared first on ETHNews.
